MIRA INFORM REPORT

Report Date :

04.08.2011

IDENTIFICATION DETAILS

Name :	SAVITA POLYMERS LIMITED

Registered Office :	66/67, Nariman Bhavan, Nariman Point, Mumbai – 400021, Maharashtra

Country :	India

Financials (as on) :	31.03.2007

Date of Incorporation :	10.03.1992

Com. Reg. No.:	11-65826

Capital Investment / Paid-up Capital :	Rs. 26.100 millions

CIN No.: [Company Identification No.]	U74999MH1992PTC065826

TAN No.: [Tax Deduction & Collection Account No.]	MUMS16468E

Legal Form :	A closely held public limited liability company.

Line of Business :	Manufacturer of Petroleum Specialty Products.

No. of Employees :	80 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 1550000

Status :	Moderate

Payment Behaviour :	Unknown

Litigation :	Clear

Comments :	Subject is an established company having moderate track. The financials of the company are missing from the government department since 2007. However, trade relations are reported as fair. Business is active. Payments terms are unknown. The company can be considered for business dealings with some caution.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

INFORMATION DECLINED BY

Name :	Mr. Marvin Azavedo
Designation :	Assistant General Manager
Date :	02.08.2011

LOCATIONS

Registered Office / Corporate and Marketing Office :	66/67, Nariman Bhavan, Nariman Point, Mumbai – 400021, India
Tel. No.:	91-22-22883061/2/3/4 / 66246200
Fax No.:	91-22-22029364
E-Mail :	savitacorp@vsnl.com finance@savita.com ucr@savita.com
Website :	http://www.savita.com
Location :	Rented

Factory 1 :	A-2/1, MIDC Industrial Estate, Mahad, District Raigad – 402301, Maharashtra, India

Factory 2 :	54-A, Piparia Industrial Estate, Silvassa – 396230, Union Territory

Branch Office :	Located At : · Central Region · Southern Region · Eastern Region · Northern Region

DIRECTORS

As on : 22.07.2010

Name	Mr. Gautam N. Mehra
Designation	Director
Address	121, Silver Arc, Neapeon Sea Road, Mumbai – 400006, Maharashtra, India
Date of Birth	05.08.1961
Date of Appointment	10.03.1992

Name	Mr. Chempalethu V Alexander
Designation	Director
Address	Flat No. 16, Jasmine Pestom Sagar, Chembur, Mumbai – 400089, Maharashtra, India
Date of Birth	29.05.1935
Date of Appointment	29.09.2007

Name	Mr. Suhas Manohar Dixit
Designation	Director
Address	4, Park Road, Vile Parle – East, Mumbai – 400057, Maharashtra, India
Date of Birth	17.10.1958
Date of Appointment	11.09.2009

KEY EXECUTIVES

Name :	Mr. Uday C. Rege
Designation :	Company Secretary
Address :	23/1, Marathan Bhuwan, Near Ram Mandir, Subhash Road, Vile Parle, Mumbai 400057, India
Date of Birth/Age :	23.12.1965
Date of Appointment :	01.08.1997

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on : 22.07.2010

Names of Shareholders	No. of Shares

Savita Oil Tech Limited, India	10000
Khatri Invest Private Limited, India	23100
Manusukhmal Inv. Private Limited, India	23100
Naved Invest Private Limited, India	100
Swaran N Mehra	480000
Gautam N Mehra	73600
Reshma G Mehra	100

Total	610000

Equity shares Breakup

As on : 22.07.2010

Category	Percentage

Bodies Corporate	9.23
Directors or relatives of directors	90.77

Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Petroleum Specialty Products.

Products :

Additives for Lubricating
Crude and Fuel Oils including Dispersants
Corrosion and Oxidation
Cetane Improvers
Multifunctioner and Cepp Additions
Crude Flow Improvers
Pour Point Depressants
Viscosity Index Improvers
Additive Packages
Intergediaters

· Cable Filling Compound

· Micro Crystalline Waxes

Petroleum Jelly

ITC Code	Product Description
3823	Cable Filling Compound
2712.20 and 2712.10	Micro Crystalline Waxes and Petroleum Jeelies
2710.99	Speciality Oils

PRODUCTION STATUS AS ON 31.03.2007

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Cable Filling Compounds, Spice Filling Compounds and Optic Fibre Cable Filling Compounds	MT	45450	27150	2737
Micro Crystalline Waxes, Petroleum Jellies and Compound Waxes	MT	36000	30900	3143
Flow Improvers	MT	5000	1500	0.000
Speciality Oils	KL	77500	12000	7394
Emulsifiable Wax	MT	1200	900	519

GENERAL INFORMATION

No. of Employees :

80 (Approximately)

Bankers :

Union Bank of India, Nariman Point, Mumbai – 400021, India
State Bank of India, Commercial Branch, Bank Street, N.G.N. Vaidya Marg, Mumbai - 400023, Maharashtra, India
Corporation Bank, Mumbai – 400001, Maharashtra, India

Facilities :

Secured Loans	31.03.2007 Rs. in Millions	31.03.2006 Rs. in Millions

Cash Credit from Banks	3.632	4.333

Total	3.632	4.333

Note:

Secured by 2^nd charge on fixed assets situated at Plot No. A – 2/1, 2/2, MIDC Mahad and hypothecation of inventories and receivables and guaranteed by Savita Chemicals Limited, associate company.

Unsecured Loans	31.03.2007 Rs. in Millions	31.03.2006 Rs. in Millions
Sales tax Deferment Loan under Sales Tax Incentive Scheme of the Government of Maharashtra
Sales Tax Incentive Scheme - 1998	6.749	6.478
Sales Tax Incentive Scheme – 1993	0.424	0.152
Sales Tax Incentive Scheme – 1993	0.688	0.273

Total	7.861	7.175


Banking Relations :	--

Auditors :
Name :	Bansal and Associates Chartered Accountants
Address :	2, Rajendra Chambers, Nanbhai Lane, Fort, Mumbai – 400001, Maharashtra, India

Associates/Subsidiaries :	Savita Chemicals Limited Address : 17-A, Thane-Belapur Road, P. O. – Vashi, Navi Mumbai – 400703, Maharashtra, India Address : Plot No. 10/2, Kharadpada, P. O. – Naroli, Silvassa – 396230, India E-Mail: savitacorp@vsnl.com Lubes Division Address : 71, Maker Chamber VI, Nariman Point, Mumbai – 400021, India Tel. No. 91-22-22027452/228500092 Basant Lok Trading Company Commercial Solvents Corporation Gautam and Company Kurla Investment and Trading Company Private Limited Madhu Trust Naved Investment and Trading Company Private Limited Savita Petro – Additives Limited Solaries International FZE Chemi Pharmex Private Limited Devichand and Company Khatri Investment Private Limited Mansukhlal Investment Private Limited Savita Finance Corporation Limited Siddharth Investment

CAPITAL STRUCTURE

As on 31.03.2007

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs.10/- each	Rs. 20.000 millions
3000000	Preference Shares	Rs.10/- each	Rs. 30.000 millions

	Total		Rs. 50.000 million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
610000	Equity Shares	Rs.10/- each	Rs. 6.100 millions
2000000	Preference Shares	Rs.10/- each	Rs. 20.000 millions

	Total		Rs. 26.100 millions

Note:

11% Cumulative Redeemable Preferences of Rs. 10/- each are redeemable at par at any time not later than 20 year from the date of allotment, viz 14.08.1997.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2007	31.03.2006	31.03.2005
SHAREHOLDERS FUNDS
1] Share Capital	26.100	26.100	26.100
2] Share Application Money	0.000	0.000	0.000
3] Reserves & Surplus	361.850	354.537	348.394
4] (Accumulated Losses)	0.000	0.000	0.000
NETWORTH	387.950	380.637	374.494
LOAN FUNDS
1] Secured Loans	3.632	4.333	1.504
2] Unsecured Loans	7.861	7.175	10.551
TOTAL BORROWING	11.493	11.508	12.055
DEFERRED TAX LIABILITIES	5.412	4.657	7.777

TOTAL	404.855	396.802	394.326

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]	82.807	87.874	92.306
Capital work-in-progress	2.224	0.796	0.802

INVESTMENTS	77.612	61.005	99.444

CURRENT ASSETS, LOANS & ADVANCES
Inventories	151.057	139.630	119.471
Sundry Debtors	75.261	92.286	77.201
Cash & Bank Balances	14.577	4.597	7.153
Loans & Advances	45.906	56.587	35.182
Total Current Assets	286.801	293.100	239.007
Less: CURRENT LIABILITIES & PROVISIONS
Current Liabilities	19.625	14.751	14.112
Sundry Creditors	19.490	26.781	18.104
Provisions	5.474	4.441	5.017
Total Current Liabilities	44.589	45.973	37.233
Net Current Assets	242.212	247.127	201.774

MISCELLANEOUS EXPENSES	0.000	0.000	0.000

TOTAL	404.855	396.802	394.326

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2007	31.03.2006	31.03.2005
	SALES
		Income	530.281	392.118	313.242
		Other Income	47.053	43.807	35.866
		TOTAL (A)	577.334	435.925	349.108

Less	EXPENSES
		Materials	453.007	332.353	279.370
		Personal	20.506	18.203	14.127
		Others	84.358	70.921	41.939
		TOTAL (B)	557.871	421.477	335.436

Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		19.463	14.448	13.672

Less	FINANCIAL EXPENSES (D)		0.188	0.088	0.099

	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		19.275	14.360	13.573

Less/ Add	DEPRECIATION/ AMORTISATION (F)		5.925	6.897	8.166

	PROFIT BEFORE TAX (E-F) (G)		13.350	7.463	5.407

Less	TAX (I)		1.679	(2.927)	(8.218)

	PROFIT AFTER TAX (G-I) (J)		11.671	10.390	13.625

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		46.439	42.797	35.189

Less	APPROPRIATIONS
		Transfer to General Reserve	2.888	1.500	0.000
		Dividend (Equity Shares)	1.525	1.525	0.000
		Capital Redemption Reserves	1.000	1.000	1.000
		Tax on Dividend	0.633	0.522	0.617
		Dividend (Preference Shares)	2.200	2.200	4.400
	BALANCE CARRIED TO THE B/S		58.752	46.439	42.797

	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	401.190	252.838	NA
	TOTAL EARNINGS		401.190	252.838	NA

	IMPORTS
		Raw Materials	295.675	211.545	NA
	TOTAL IMPORTS		295.675	211.545	NA

	Earnings Per Share (Rs.)		14.91	12.92	--

KEY RATIOS

PARTICULARS		31.03.2007	31.03.2006	31.03.2005
PAT / Total Income	(%)	2.02	2.38	3.90

Net Profit Margin (PBT/Sales)	(%)	2.52	1.90	1.73

Return on Total Assets (PBT/Total Assets}	(%)	3.61	1.96	1.63

Return on Investment (ROI) (PBT/Networth)		0.03	0.02	0.01

Debt Equity Ratio (Total Liability/Networth)		0.14	0.15	0.14

Current Ratio (Current Asset/Current Liability)		6.43	6.38	6.42

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS :

(Rs. In Millions)

PARTICULARS	31.03.2007	31.03.2006	31.03.2005

Sundry Creditors	19.490	26.781	18.104

OPERATIONS :

The Company posted a gross sales turnover of Rs.565.700 millions in the year 2006-07 against Rs.434.000 millions in the previous year, showing a healthy increase of 30%. The net profit of the Company before tax and extra ordinary items was Rs.13.350 millions for the year 2006-07 against Rs.7.463 millions for the previous year, showing an increase of 79%. This robust performance was possible because of the Company's efforts in adding new customers in its export markets. After making a provision for deferred tax of Rs.0.755 millions, the Company's profit after tax stood at Rs.11.700 millions in the year 2006-07 against Rs. 10.400 millions in the previous year.

FORM NO. 8

This form is for

Creation of charge

Corporate identity number of the company

U74999MH1992PLC065826

Name of the company

SAVITA POLYMERS LIMITED

Address of the registered office or of the principal place of business in India of the company

66/67, Nariman Bhavan, Nariman Point, Mumbai – 400021, Maharashtra, India

Type of charge

Immovable Property

Particular of charge holder

State Bank of India, Commercial Branch, Bank Street, N.G.N. Vaidya Marg, Mumbai - 400023, Maharashtra, India

Nature of description of the instrument creating or modifying the charge

Memorandum of deposit for creation of charge for overall limit

Date of instrument Creating the charge

13.11.2006

Amount secured by the charge

Rs. 240.000 Millions

Brief particulars of the principal terms an conditions and extent and operation of the charge

Rate of Interest

As stipulated by Bank from time to time

Terms of Repayment

As stipulated by Bank from time to time

Margin

As stipulated by Bank from time to time

Extent and Operation of the charge

Second charge. As stipulated by Bank from time to time

Particulars	Rs. in Millions
State Bank of India	120.000
Union Bank of India	72.000
Corporation Bank	48.000

Total	240.000

Others

As stipulated by Bank from time to time as per agreement and as per sanction letters of respective Bank

Short particulars of the property charged

2^nd charge – EMG of all that piece or parcel of land known as Plot No. A – 2/1 and A – 2/2 in the Mahad Industrial Area, MIDC within the village limits of Kamble Taluka and Registration Sub District Mahad District and Registration District Raigad in the State Bank of Maharashtra and containing by admeasuring 40601 + 19712 = 60313 Sq. Meters together with all buildings and structures thereon and all plant and machinery attached to the Earth or permanently fastened to anything attached to the Earth.

FIXED ASSETS:

Freehold Land
Leasehold Land
Buildings
Plant and Machinery
Office Equipments
Furniture and Fixtures
Vehicles

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No records exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs. 44.37
UK Pound	1	Rs. 72.20
Euro	1	Rs. 62.87

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
-	NB	New Business	-

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.

MIRA INFORM REPORT

NETWORTH

TOTAL BORROWING

TOTAL

Less: CURRENT LIABILITIES & PROVISIONS

Total Current Liabilities

TOTAL

Unit